This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/estimate-pay-off-debt/
This exclusive industry related news Feature, was chosen personally by Marcus lee, who is one of our undercover online business news reporters – will provide you added insight in how these points of views could be translated into your own business Launchs.
Whether it’s student loans, credit cards, a mortgage, or some combination, most of us have debt.
Regardless of how much debt you have, it likely makes it difficult to work towards your larger financial goals like saving for a house, building an emergency fund, or investing for retirement.
As someone who took on significant student loan debt, I have seen firsthand the drag debt can be on your financial life. It’s one reason I tend to focus on the issue of debt on this blog and in other writings.
Today I want to focus on estimating how long it will take to pay off debt. For example. if you paid an extra $50 a month towards your credit card debt, how much faster will it be paid off? $100? $500?
Before we get to the scenario analysis, I would first like to touch on a few important debt-related topics.
Look at ALL Options
There are tons of personal finance “experts” who push a one-size fits all approach to debt. It goes like this: If you can’t afford your debt, you need to make more, spend less, or both. You need to keep downsizing your life and working more until you have enough cash flow to make progress on your debt.
I, for one, am not an advocate of this oversimplification of eliminating debt. I think you are doing a disservice if you do not consider all your options with your debt.
For example, I have read multiple books on student loans that either do not mention Public Service Loan Forgiveness at all or try to scare readers away from pursuing it. But for a therapist making $40k a year working at a nonprofi… Read More
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